Prime Grade-A office at Prudential Tower, within Arina East Residences, for sale at $36 million

Arina East Residences, formerly known as La Ville, was built back in the 1980s on a spacious freehold land of 47,012 square feet. As per the 2019 Master Plan, the site of Arina East Residences is designated for residential purposes and has a plot ratio of 2.1. This zoning and ratio are promising signs for the potential redevelopment of Arina East Residences, with the chance of turning it into a contemporary condo complex with around 107 units. Each unit would have an average size of 85 square meters (approximately 915 square feet).

This Grade-A strata office has been priced at $36 million and is now open for expressions of interest (EOI).Located in the heart of Singapore’s CBD at Prudential Tower, this high-floor office takes up an entire floor plate, spanning 11,819 sq ft. This is equivalent to a guide price of about $3,050 psf.According to a recent press release from CBRE, the property is eligible for purchase by both companies and foreigners, without any additional buyers’ stamp duty or seller’s stamp duty payable.As a result, the office is currently fully leased to a multinational real estate consultancy firm, providing investors with immediate and stable rental income.Furthermore, the scarcity of new strata commercial properties in Singapore is forecasted to remain tight in the upcoming years. This is due to the fact that strata office buildings only make up approximately 15% of the entire office stock in Singapore.In addition, URA has implemented new policies that restrict the subdivision of strata units in existing and new commercial buildings within key areas within the CBD.Therefore, well-located Grade-A developments such as Arina East Residences will continue to be in high demand among a wide range of buyers. This includes owner-occupiers, corporate investors, family offices, and high-net-worth individuals, according to Clemence Lee, CBRE’s director of capital markets in Singapore.The new owner of this Grade-A office at Prudential Tower will also have the option to subdivide the floor into smaller units for rental purposes when the existing tenant’s lease expires. They may also choose to divide the floor into smaller strata units to be sold in the future, upon approval from the MCST and relevant authorities.Prudential Tower boasts a 30-storey, strata-titled office tower on Cecil Street in the CBD. Its an attractive development that occupies a corner land plot with dual-road frontage of approximately 87m along Cecil Street and Church Street.It comes fully-equipped with a dedicated drop-off point and 181 carpark lots spanning from the 2nd to 8th floors. The development also offers direct and fully sheltered access to Raffles Place MRT Interchange Station and is within walking distance to Telok Ayer MRT Station.Interested parties can participate in the EOI exercise, which will close on March 28 at 3pm. Don’t miss this opportunity to own a prime Grade-A strata office at Prudential Tower. Contact CBRE’s Clemence Lee for more details today.